HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Declares Monthly Dividend BOSTON, Aug. 4 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III (NYSE:HPS) declared its regular monthly dividend as follows: Declaration Date: August 4, 2004 Ex Date: August 12, 2004 Record Date: August 16, 2004 Payment Date: September 1, 2004 Dividend Amount: $0.1800 This dividend equates to an annualized yield of 9.24 percent, based on the fund's closing market price as of August 3, 2004. John Hancock Preferred Income Fund III is a diversified, closed-end fund. The Fund's primary investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund's secondary objective is to provide growth of capital to the extent consistent with its primary investment objective. The Fund invests at least 80% of its total assets in preferred securities and other fixed income securities which are rated investment grade. John Hancock Funds, a premier investment management company, managed $30.2 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors as of March 31, 2004. Additional information about John Hancock Funds can be found at http://www.jhfunds.com/. John Hancock Funds is a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation. Founded in 1862, John Hancock Financial Services and its subsidiaries today offer a broad range of financial products and services, including whole, term, variable, and universal life insurance, as well as college savings products, mutual funds, fixed and variable annuities, long-term care insurance and various forms of business insurance. Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Pro forma funds under management by Manulife Financial and its subsidiaries were Cdn$356 billion (US$272 billion) as at March 31, 2004. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/. DATASOURCE: John Hancock Preferred Income Fund III CONTACT: Kimberley Dietrich, +1-617-375-0311, or Investors: +1-800-843-0090, both of John Hancock

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